Life Insurance for People Over 65

Even if you’re over the age of 65, there are still life insurance options available. Factors such as the amount of coverage you need in retirement and your quality of health will likely influence what type of policy you choose. It’s important to understand how to navigate coverage options for life insurance when you’re older so you can get the best price for your needs.

  • Written by
    Lindsey Crossmier

    Lindsey Crossmier

    Financial Writer

    Lindsey Crossmier is an accomplished writer with experience working for The Florida Review and Bookstar PR. As a financial writer, she covers Medicare, life insurance and dental insurance topics for RetireGuide. Research-based data drives her work.

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  • Edited By
    Lamia Chowdhury
    Lamia Chowdhury, editor for

    Lamia Chowdhury

    Financial Editor

    Lamia Chowdhury is a financial content editor for RetireGuide and has over three years of marketing experience in the finance industry. She has written copy for both digital and print pieces ranging from blogs, radio scripts and search ads to billboards, brochures, mailers and more.

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  • Financially Reviewed By
    Eric Estevez
    Eric Estevez, Independent Licensed Life Insurance Agent

    Eric Estevez

    Owner of HLC Insurance Broker, LLC

    Eric Estevez is a duly licensed independent insurance broker and a former financial institution auditor with more than a decade of professional experience. He has specialized in federal, state and local compliance for both large and small businesses.

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  • Published: May 11, 2022
  • Updated: June 26, 2023
  • 5 min read time
  • This page features 8 Cited Research Articles
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APA Crossmier, L. (2023, June 26). Life Insurance for People Over 65. Retrieved May 19, 2024, from

MLA Crossmier, Lindsey. "Life Insurance for People Over 65.", 26 Jun 2023,

Chicago Crossmier, Lindsey. "Life Insurance for People Over 65." Last modified June 26, 2023.

Can You Buy Life Insurance If You’re Over 65?

You can still purchase a life insurance policy if you’re over 65. Keep in mind that it could be costly if you don’t choose the best policy for your financial and health needs. One large factor that will raise your premium price is your age.

For example, with American International Group (AIG) life insurance, a term policy for a 40-year-old male is $18.49. The same exact policy for a healthy 60-year-old male is $114.38.

However, there are specific policies that offer lower coverage life insurance options for older Americans at a more affordable premium. Afterall, you will likely have fewer financial responsibilities as you age and settle into retirement.

What Should You Consider When Looking at Policies?

Typically, those who are in their 60s don’t need the same amount of coverage as those in their 30s. During your later stages of life, you may have your loans paid off as your near retirement. However, everyone’s path is different, and it’s important to consider all possible factors when shopping for life insurance coverage.

Factors to Consider
Your overall health
If you are in bad health, you could be denied a life insurance policy. Luckily, there are some coverage options with guaranteed acceptance for older high-risk applicants.
Length of coverage
You likely won’t need as much coverage later in life, which can reduce your premium cost.
Cash value access
Some life insurance policies allow you to access the cash value of permanent life insurance policies while you’re still alive to fund your retirement.
Amount of coverage
Consider your assets and financial responsibilities. Different policies have coverage limits, making one likely better for you than another.

Once you determine these factors, you should consider why you need life insurance and research multiple companies to find a policy that best fits your needs.

Reasons To Buy Life Insurance

Many older Americans can benefit from the peace of mind that a life insurance policy brings. There are common reasons for wanting to purchase a policy, such as wanting to replace lost income, pay off your debt, or if someone is financially dependent on you.

But if you’re an older American in average financial standing, you may be wondering — do I need life insurance at 65?

It depends on what you may need it for. While some older Americans look to life insurance to help aid final expense costs, others use it to fund long-term care services.

Final expenses include your funeral costs, which typically average between $7,000 to $12,000. For these services alone, it could be worth getting a policy for $20,000.

If you are susceptible to certain medical conditions due to family history and will require long-term care soon, then you may consider a life insurance policy since these services are not covered by Medicare. Some policies offer riders that can help cover these costs.

Best Life Insurance Companies for Seniors

Once you determine how much coverage you need, you should compare providers before choosing a policy. Some providers offer high-issue ages specifically for older Americans.

Highest Rated Insurance Companies for Seniors
Northwestern Mutual
Rated A++ from AM Best

Issue age up to 85
Mutual of Omaha
Rated A+ from AM Best

Issue age up to 85
Rated A from AM Best

Issue age up to 85
American International Group (AIG)
Rated A from AM Best

Issue age up to 80
Source: U.S. News

What Policy Type Should You Buy?

Each policy has different coverage options and benefits, making one likely better suited for you than another.

For example, if you only want your funeral expenses covered, you may look for a policy with a low death benefit and affordable premiums.

If you have health issues or require a larger benefit to cover debt, you’ll need larger coverage with higher premiums. Compare each plan before purchasing and speak to a financial advisor if you need help reaching a decision.

Guaranteed Issue Life Insurance

With a guaranteed issue life insurance policy, you are automatically accepted if you are between the ages of 50 and 80 years old. There are no medical exams or health questions required to qualify.

Keep in mind that the guaranteed issue life insurance policy typically has a graded death benefit. This means, if you pass within the first few years of purchasing the policy, your beneficiary won’t get paid the full death benefit amount.

AIG offers this policy with a coverage range from $5,000 to $25,000. AIG includes living benefits for chronic and terminal illnesses as well.

If you’re having issues purchasing a life insurance plan due to health issues, this policy could be a good match for you.

Permanent Life Insurance

Permanent life insurance offers lifelong coverage with fixed premiums. This type of policy also accumulates cash savings which you can withdraw from.

Mutual of Omaha offers a permanent life insurance policy with coverage from $2,000 to $25,000 with no medical exam required. However, not all permanent life policies exclude a medical exam.

A permanent life insurance policy is typically more expensive than others, such as a term policy, which is known to be more affordable.

Final Expense Life Insurance

Final expense insurance is a lifelong affordable policy with a lower death benefit used to cover funeral costs. Typically, you do not need a medical exam with this policy.

According to an article from Lincoln Heritage Funeral Advantage, a $10,000 policy is around $41 for a 65-year-old female.

AIG offers two final expense policies, one with a $25,000 maximum benefit and the other with a $40,000 maximum benefit if you’re 65 or older. Each company has different benefit caps, so be sure to compare plans to find the best price and coverage.

Term Life Insurance

Term life insurance offers coverage for set terms, typically 10 to 30 years. Mutual of Omaha has an issue age of 80 for term policies with a coverage of $100,000. Most of these plans require a medical exam.

You can convert most term plans into permanent policies if you’re nearing the end of coverage.

If you were to get a term policy with 10 years of coverage as a 65-year-old female, your premiums would be roughly $48 a month.

Last Modified: June 26, 2023

8 Cited Research Articles

  1. Freedman, D. (2022, January 25). Best Life Insurance Companies for Seniors of 2022. Retrieved from
  2. AIG Direct Insurance Services. (n.d.) Guaranteed Issue Whole Life Insurance. Retrieved from
  3. Insurance Information Institute. (n.d.). What Are the Different Types of Permanent Life Insurance Policies? Retrieved from
  4. Lincoln Heritage Funeral Advantage. (n.d.) What Is Final Expense Life Insurance? Retrieved from
  5. Lincoln Heritage Funeral Advantage. (n.d.) How Much Does a Funeral Cost? Retrieved from
  6. Mutual of Omaha Insurance Company. (n.d.). Term Life Insurance Quotes. Retrieved from
  7. Mutual of Omaha Insurance Company. (n.d.). Whole Life Insurance. Retrieved from
  8. Transamerica Life Insurance Company. (n.d.). Welcome to the Transamerica Insurance Plan Explorer. Retrieved from